Wipro net dips 8 per cent quarterly, flat yearly

Bengaluru, July 20 (IANS) Global software major Wipro Ltd on Thursday reported Rs 2,080 crore net profit for the first quarter of fiscal 2017-18, registering 8 per cent sequential decline from Rs 2,260 crore quarter ago but 1.2 per cent up annually from (Rs 2,059 crore) the like period year ago.

In a regulatory filing on the BSE, the IT major said revenue for the quarter (Q1) under review at Rs 13,630 crore was 2.5 per cent lower sequentially from Rs 13,990 crore quarter ago and flat (0.2 per cent) annually from Rs 13,599 crore in the same period year ago.

Under the International Financial Reporting Standard (IFRS), net income for Q1 was up 1.2 per cent yearly to $321 million and gross revenue flat (0.2 per cent) yearly at $2.1 billion.

Revenue from IT services business at $1,972 million was flat (0.9 per cent) quarterly but up 2.1 per cent annually under IFRS.

Profit from IT services business declined 5.8 per cent year-on-year (YoY) to Rs.2,190 crore or $339 million. Operating margin from IT services was 16.8 per cent for Q1.